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How to calculate Health Insurance Premium

How to Calculate Premium using a Health Insurance Calculator

Premium on health insurance is the amount an insured individual pays to avail the financial protection offered by the insurance provider in times of illness and keep the policy active. This amount has to be periodically paid. Now, insurance companies charge different rates of premium depending on factors such as age and health issues. All said and done, premium amount is still a price that the insured has to pay and therefore needs to be calculated in accordance with the other financial obligations of the insured individual.

How do Health Insurance Companies Calculate the Premium?

1. Mortality
Death is inevitable and can happen to anyone, at anytime or anyplace. Mortality is a cost that the insurance company has to handle and is one of the crucial factors which decide the premium amount to be charged. Note that the health insurance premium is decided on the basis of age, income and is on the higher side for senior citizens.

2. Underwriting a Policy
Risk management and balancing eligibility criteria and coverage are some of the factors on the basis of   which an insurance policy is underwritten. These factors further decide the premium amount to be charged for the health insurance.

Health Insurance Calculator
The general practice followed at the time of buying a policy is to sit and evaluate the health insurance policies by different insurance companies. Whichever mode you choose, such as buy health insurance online or otherwise, a health insurance calculator helps you buy medical insurance that takes care of all your requirements.

Advantages of using a Health Insurance Calculator:

  • Knowing the premium payable beforehand is the biggest advantage an insured derives from using an insurance calculator.
  • The premium that you pay under a specific health insurance plan, gives you the privilege to avail tax exemption under Section 80D of the Income Tax Act, 1961.  So, if your age is under 60 years, then you are allowed maximum tax exemption of INR 25,000 in a financial year.
  • A health insurance calculator will guide you to buy a suitable plan inclusive of add on covers (No Claim Bonus (NCB), Air Ambulance Cover etc.)  which is well within your budget.

It is quite easy to use a health insurance calculator. Fill in the basic details like the name of your city, pin code, yearly income, number of family members to be included in the policy, your full name and email ID . So, have fun comparing two to three insurance policies at one time using a health insurance calculator and select one which is ideal for you.

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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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